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#1834393 - 07/18/13 09:37 PM Two LAR lines or one
Colorado Girl Offline
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Joined: Mar 2013
Posts: 67
I have a husband and wife who've come to refinance their mortgage. Application/gvmt monitoring completed by both, all initial paperwork/disclosures signed by both (intent to proceed, GFE, etc...). Loan closed in only wifes name. LO states husbands credit score came in under target and thus, he 'elected' to take himself off of the application. LO continues and originates loan with wife alone. Only one line on LAR with wifes information solely.
Shouldn't we have another application to report as the husband did originally apply as well? And can we report the other Action Taken as withdrawn, or should it be denied as it was a target of our program that persuaded his decision?

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#1834400 - 07/18/13 09:46 PM Re: Two LAR lines or one Colorado Girl
TMatt87 Offline
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TMatt87
Joined: May 2011
Posts: 1,933
Idaho
I would treat this as a modified application and only report 1 line on the LAR.
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#1834402 - 07/18/13 09:56 PM Re: Two LAR lines or one Colorado Girl
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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You report how that application ended up, not all the twists and turns along the way. There should be documentation in file that explains the change.
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#1834406 - 07/18/13 10:05 PM Re: Two LAR lines or one Colorado Girl
Colorado Girl Offline
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Joined: Mar 2013
Posts: 67
Even if the program wouldn't allow us to continue with the husband because of his credit? That's not a denial?

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#1834407 - 07/18/13 10:06 PM Re: Two LAR lines or one Colorado Girl
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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Posts: 21,281
That is Reg B. You report one application with with ultimate outcome for C.
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#1834489 - 07/19/13 01:47 PM Re: Two LAR lines or one Colorado Girl
Colorado Girl Offline
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Joined: Mar 2013
Posts: 67
Ok, perfect! Thanks so much!

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#1834509 - 07/19/13 02:21 PM Re: Two LAR lines or one Colorado Girl
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,281
Had you denied that first application totally and had the remaining applicant start over with a new ap, you would report 2.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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